Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

House Sales

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A four bedroom San Remo house has sold for $450,000 making it Sydney’s cheapest sale last weekend at auction.
It sits on the Central Coast, 90 minutes north of Sydney.
Located at <a href="https://www.realestate.com.au/sold/property-house-nsw-san+remo-125907066">84 Katoomba Avenue</a>, the 575 sqm property is in close proximity to shops and public transport.
It last sold in 2003 for $225,000, doubling in price over the 14 years.
The property has new flooring throughout the living area and the there is also a combined kitchen/dining room.
The lounge room has its own air conditioning and ceiling fan.
There is the potential to create a granny flat STCA.
Other feature includes a single carport with drive through access to rear.
The property was offered through SORENSEN Real Estate agents Andrew Sorensen and Bruno Stramandinoli.
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j.ballantyne1990-6AQqhLzZaK

Four bedroom San Remo house sold for $450,000

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A three bedroom Undertale house has sold for $503,000 making it Adelaide’s cheapest weekend auction sale.
Located at <a href="https://www.realestate.com.au/property-house-sa-underdale-125923998" target="_blank">17B Stuckey Avenue</a>, the 528 sqm property has been marketed as a spacious living house.
It features open plan kitchen and dining as well as carpeted bedrooms and lounge.
The kitchen has white cabinetry with gas cook top.
There is also a decent size yard along with gas heating and evaporating cooling.
Other feature includes a double garage.
The property is located off Holbrook’s Road and is within walking distance to shops and public transport.
The property was offered through Ray White agents George Kargiotis and Jesse Beames.
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Three bedroom Undertale house sold for $503,000

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A coastal three bedroom house at Port Willunga has been sold for $325,000 making it Adelaide’s most cheapest weekend auction sale.
Located at <a href="https://www.realestate.com.au/property-house-sa-port+willunga-125828794" target="_blank">22 Coral Avenue</a>, the 700 sqm property is in the heart of the area.
Built in 1985 the property was last sold in 2001 for $134,000.
It features a full length front deck along with open plan living and three bedrooms as well as a north facing sunroom.
The property has been marketed as a development potential (STCC) just outside of the Old Survey area.
The median price of a house at Port Willunga is $325,000, which is a decline compared to last year’s median price of $326,500.
The property was offered through LJ Hooker agent Robert Van Gasteren.
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Coastal three bedroom Port Wilunga house sold for $325,000

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A three bedroom Haigslea, Queensland house has been sold for $277,000 making it Brisbane’s most affordable auction sale last weekend.
Located at <a href="https://www.realestate.com.au/property-house-qld-haigslea-125740370">304 Haigslea Malabar Road</a>, the 3843 sqm property is located in the quite country side.
It features three bedrooms all with built-in as well as views of the surrounding countryside.
The formal dining/second lounge room has access to rear patio along with an alfresco dining with a large gazebo.
Other features include swimming pool, sheds and single carport.
The property was offered through RealWay Property Consultants agent Rodney Rapmund.
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Countryside three bedroom Haigslea house sold for $277,000

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A 1963 original Seaforth house is set to go under the hammer.
The <a href="https://www.realestate.com.au/property-house-nsw-seaforth-125102934" target="_blank">20 Richmond Road</a> property has a three bedrooms and a front garden with swimming pool that leads from the rumpus room with built-in bar.
There is also a lounge room with access to the front terrace and private garden.
The kitchen leads to the dining room and has views of the Middle Harbour.
Guildea Residential agents Jason Guildea and Jenny Lorello said there is potential to add a second storey, extend or even rebuild.
The auction is scheduled for 22 April.
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1960s Seaforth gem listed for auction

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A house at Riverview, near Ipswich, has been sold for $222,250, the cheapest weekend result across the country.
Located at <a href="https://www.realestate.com.au/property-house-qld-riverview-124866926">15 Station Road</a>, the 971 sqm property is fully fenced with side access to the back yard.
It offers two bedrooms, one bathroom as well as a living room and dine in kitchen and a separate toilet.
Main road location allows advantageous reach of the local bus, rail and motorway links with Riverview station 50 metres away with the multi-level shopping centre 3.5 kilometres away.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-qld-riverview-124893314" target="_blank">9 Maryanne Street</a>, Riverview (below) was sold March this year for $253,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/4/9%20Maryanne%20Street.jpg" alt="">
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Riverview, Ipswich dual-allotment house sold for $222,250

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Detached house sales increased in Western Australia and Victoria in February with Victoria posting a monthly gain of 5.1 percent and Western Australia by 11.3 percent, according to the Housing industry Association.
Harley Dale, HIA chief economist said total movement nationwide shows a 0.2 percent increase in February 2017.
“There was also very little movement in the two sub-series with detached house sales ticking down by 0.1 percent in February and the sales of ‘multi-units’ growing by 1.0 percent," he said.
“The profiles for HIA detached house sales and ABS detached house building approvals are very similar. In the case of detached house sales, over the three months to February this year the volume fell by 2.2 percent to a level 5.2 percent lower than achieved over the three months to February last year.
“The updates that we are receiving for these two key leading indicators of new home building activity are consistent with a modest reduction in national new detached house commencements in 2016/17.
"We are forecasting a decline of 2 percent in detached house commencements in Australia in 2016/17 following a similar-sized fall of 1 percent in 2015/16.
“As with all aspects of the current housing cycle there are large differences in conditions for detached housing between states and territories. HIA’s detached house sales series for the five mainland states has been consistently highlighting this point for some years now.
“In 2017 we expect the profile for leading indicators such as detached house sales to slowly improve for Western Australia and South Australia. At the same time the volume of detached house sales on the eastern seaboard is expected to trend lower.”
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Screen%20Shot%202017-03-30%20at%201.16.18%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/30/Screen%20Shot%202017-03-30%20at%201.16.18%20PM.png" alt="">
Detached house sales increased in two out of five mainland states in February 2017 - Western Australia and Victoria. Detached house sales in WA increased by 11.3 per cent in February 2017 following a rise of 12.1 per cent in January. Note that these rates of growth are exaggerated by the extremely low base for detached house sales. Detached house sales in Victoria posted a monthly gain of 5.1 per cent in February. Elsewhere for the mainland states, in February detached house sales fell by 12.6 per cent in New South Wales and were down by 5.7 per cent in Queensland and 0.2 per cent in South Australia. 
 
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jonathanchancellor-7SQnKwU6yx

Victoria's detached house sales up in February: HIA

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The Blue Mountains home of the late astrologer Richard Sterling has been snappily sold for a Katoomba residential record.
Some $1.65 million was paid for his clifftop Katoomba home at <a href="https://www.realestate.com.au/sold/property-house-nsw-katoomba-124632274" target="_blank">7 Cliff Drive</a>, ahead of its scheduled March auction and well below the average 360 days on market.
The former Australia Women's Weekly columnist paid $16,000 for the home overlooking the Jamison Valley some 49 years ago.
It set a Katoomba record as the highest non-acreage residential sale in the suburb when sold to eastern suburbs' based spiritual medium and energetic healer Dalia Isles.
Isles has pledged to maintain Sterling's zodiac garden, a landscaped hillside with pathways between terraced flower beds dedicated to the 12 star signs.
"I want Richard's legacy to continue," Isles said.
"This is my wish."
"This home and fabulous setting overlooking an enormous valley were exactly what I'd visualised just weeks before I found it."
"The property has the perfect energy for my work."
It was ofen featured on the popular gardening show Burke's Backyard.
Set on 1,277 sqm, the two storey property has five bedrooms.
It sold through Reece Coleman of Stone Double Bay in conjunction with Kim Martin of Belle Property Leura who had $1.5 million to $1.65 million price guidance.
Coleman secured the listing through a referral from a real estate agent in Tampa, Florida.
Tampa realtor Amanda Heese, also a member of prestige group Leading Real Estate Companies of the World, discovered her godmother Joy Sterling was planning to sell the home, so she contacted Coleman, who is par of the network linking over 500 top independent residential agencies across 60 countries. 
“This sale must have been written in the stars,” said Coleman.
“Dalia told us the spirits had led her to the property.”
This article first appeared in the Sunday Telegraph.
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jchancellor-FAypfDUnLy

Richard Sterling Katoomba home sold for $1.65 million

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A four bedroom Toorak trophy home has been sold for $5.5 million, the highest priced result in Melbourne at the weekend auctions.
Located at <a href="https://www.realestate.com.au/property-house-vic-toorak-124623202" target="_blank">684 Orrong Road</a>, the property is situated on 877 sqm of land on its Stradbroke Avenue corner lot.
It was marketed with a price guide of $4 million plus.
Built in 1923, the solid brick residence was marketed as available for immediate residency, renovation or development as apartments or townhouses.
It features beamed ceilings and timber floors that are displayed through the reception hall.
The living room has a wood fire heater and dining room opening to the private northwest garden that has a 12 meter solar heated lap pool.
The ground floor main bedroom has an en-suite, built in robes and a private courtyard that features a fish pond.
Toorak Village is within walking distance from the house which has undercover parking for five cars.
The property was offered through Marshall White agents Richard Mackinnon and Fraser Cahill.
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1920s Toorak house sold for $5.5 million

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Mosman, the stylish Lower North Shore Sydney suburb, clocked a billion dollars in gross sales over the 12 months to September 2016, more than any other across the country.
The gross value of sales in Mosman was $1,047,292,200, according to CoreLogic’s Best of the Best 2016 report.
The median value of houses in the suburb is $3,564,639.
Brighton, an affluent beachside suburb of Melbourne, was a distant second with gross sales of nearly $857 million for the same period.
Among the recently sold houses near the median value, was a four-bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-mosman-123823394" target="_blank">8A Bickell Road, Mosman, NSW 2088</a> (above) that traded for $3.3 million. 
The property was sold through McGrath.
This sleek architectural home with views over Quakers Hat Bay last traded for $165,000 in 1979, meaning the house has appreciated exactly 20 times that price in the last 37 years. 
There were more than 300 sales in Mosman during the period, with the highest being a six-bedroom period home — built in 1910 — for $15.5 million, according to RP Data.
The $15.5 million Federation Queen Anne Style 1910 family estate at <a href="https://www.realestate.com.au/sold/property-house-nsw-mosman-123885122" target="_blank">30 Bradleys Head Road, Mosman</a> (below) is set on 2,244 sqm. 
The house previously sold for $7,150,000 in 2001. The deal was brokered by McGrath.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2016/12/23/MosmanTop.jpg" alt="">
Another high-profile deal of around $14.5 million that was featured in Property Observer recently relating to the sale by former Morgan Stanley and Merrill Lynch head of fixed income Neale Muston.
Set overlooking Chowder Bay, the Mosman house (below) was bought by a Chinese-origin buyer with residency.
It was sold on its second time marketing campaign this year. And in 2015 it was listed with $17 million hopes.
The architecturally designed Morella Road four-bedroom home features minimalistic styling. The sale affirms that the Chinese buyers are attracted to the “prestige” of Clifton Gardens.
It was sold by McGrath agents Michael Coombs and John Melville with a price guide of $14.5 million to $15.5 million.
The property last traded for $6.15 million in 2008 when bought by Muston who is now a director of Excalibur Trading, a private capital fund specialising in the global futures markets.
<img src="https://www.urban.com.au/images/2016/12/23/Mosman2.png" alt=""> 
The lowest sale was a three-bedroom duplex/semi-detached house at <a href="https://www.realestate.com.au/sold/property-duplex+semi-detached-nsw-mosman-124005778" target="_blank">87 Spit Road, Mosman, NSW 2088</a> (below) for $1,280,000.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/01/04/87%20Spit%20Road.jpg" alt="">
The deal was brokered through Cunninghams Property and the property was snapped up after just 13 days on the market.
Previously, the house sold for $875,000 in 2013, according to RP Data.
* An earlier version of this article mistakenly calculated the tally as $1 trillion.
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